Investor Group Grabs Troubled $280M Calif. Mall

Law360, New York (October 3, 2012, 7:10 PM EDT) -- A consortium of investment firms and private equity-backed companies have teamed up to buy Anaheim GardenWalk, an open-air shopping mall that cost $280 million to build, and which has struggled despite its proximity to the Disneyland Resort and other major attractions, the buyers announced Wednesday.

Led by a unit of Avenue Capital Group and Arcturus Group LLC, the group is planning to revamp the retail center's operations with an aggressive repositioning plan. Arcturus, a real estate management firm, will oversee the property's day-to-day management and operations,...